Despite the coolness factor, titanium (alloy) isn't a great metal for making sword blades.
What are the implications for cutlery? Well, it means that although Ti compares favorably to steel in an I-beam, this isn't true when you start hardening the steel for use in cutlery: let's take a sword for example. If you made a typical broadsword in steel, its blade would be between 1"-1.5" wide, 1/4"-3/8" thick and about 2-3 feet long. Now, if we ignore the fact that Ti alloys don't hold an edge for now, to make a Ti blade that is as strong as the steel, you'd need to make the cross section about twice the area, so you'd end up with something about 1/2-3/4" thick and 1-3/4"-2" wide! Such a blade would look more like a 2x4 than a sword!! On the other hand, the blade would be lighter than the equivalent steel blade..
Look at this from another point of view: if you have two blades made out of the exact shape and size, one of tempered steel, and one of titanium, the steel blade would in this case be stronger and because of it higher hardness, would likely cut the titanium sword in half, but the titanium sword would weigh but a small fraction of the weight of the steel blade. Titanium's only advantage here is low weight. Essentially, it's a glorified version of aluminum.
If low weight is your top priority then titanium is your metal of choice. If you want to kill dragons, stick with steel.